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NZD/USD Technical Analysis: Double Bottom Taking Shape?

NZD/USD Technical Analysis: Double Bottom Taking Shape?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7682, 0.7602, 0.7469
  • Resistance:0.7792, 0.7831, 0.7937

The New Zealand Dollar may be preparing to move higher against its US namesake after putting in a Bullish Engulfing candlestick pattern. A daily close above channel top resistance at 0.7792 exposes the 14.6% Fibonacci retracement at 0.7831. Alternatively, a reversal below the July 2013 bottom at 0.7682 opens the door for a test of the 38.2% Fibonacci expansion at 0.7602.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Double Bottom Taking Shape?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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